That's a very convenient aphorism, but it's not true. There are thousands of laws in this country that do a great job protecting people. Intellectual property laws and labor laws are a great example of "domestic protectionism" if you will.
It's socially unjust to make American workers compete with foreign nationals for jobs. If the end game of a company is to simply offshore all their jobs, then they can also plan on giving up the benefits of being based in a stable democracy like the US. EX: it's highly unlikely that their assets will be nationalized.